Martin Lewis shares tip for increasing pension fund by £5,000
2 years, 10 months ago

Martin Lewis shares tip for increasing pension fund by £5,000

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about offers, events and updates from The Independent. Breaking down the process, Lewis said the first step is to “check your pension forecast and/or check how many national insurance years you have”. The change is less likely to affect young people, as they still have more time to earn the maximum state pension through working years or national insurance credits. A full voluntary national insurance year costs £800ish but could add up to an extra £275 annually to your state pension – so the break-even point is hit if you live just three years after getting your pension,” he explained. “If a man who’s reached age 66 lives the typical 19 more years, a woman 21 more years, then for EACH £800 spent, a man can expect to get £5,300 extra pension, a woman £5,800.” While this could benefit many, Lewis has warned that there are “many complex” factors involved and that these calculations may not be applicable to everyone.

History of this topic

Martin Lewis lists four conditions that entitle state pensioners to an additional £109
2 weeks, 4 days ago
Martin Lewis reveals how you can boost your state pensions by thousands - but you'll have to be quick
3 weeks, 6 days ago
Martin Lewis issues warning to women over 66 after HMRC claim sees £17,000 payout
1 year, 1 month ago
Two tips that could save you thousands according to Martin Lewis
1 year, 4 months ago
Martin Lewis issues major state pension warning and reveals why 200,000 could be missing out on as much as £48,000
1 year, 4 months ago
Money Saving Expert Martin Lewis issues warning to everyone who claims a pension
1 year, 10 months ago
Martin Lewis issues ‘very depressing’ pension warning
1 year, 11 months ago
Martin Lewis’ state pension warning to anyone aged between 45 and 70
2 years ago
DWP state pension: Martin Lewis reveals how to turn £800 into £5,500
2 years, 2 months ago

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